Will my insurance rates go up?

[HOOT]

Originally Posted by GoinAllTheWay

Insurance companies are not the complete evil regimes most seem to think they are.

I work for the most evil of them all (ICBC) and they do not increase rates unless they have to pay out something. Doesn't matter if it's $1 or $1,000,000 it's the same thing to them. Even with ICBC you can have them pay your claim, and you can pay them back later and your rates will go down to where they were before the accident.

There is a reason they call it "Claims free discount" not "non-reported incidents discount". Insurance companies only care when a penny leaves their pocket if you are willing to eat the cost of the repair you are doing them a favor and sometimes youself.

As mentioned by GATW go talk to your broker than sold you the insurance. They should be able to give you a break down of how much your insurance will change if you make a claim vs. not making one. Then if the repair is less (or not much more) than the difference it could be worth paying it out to say claims free.

[Young-Sneezy]

Things that will automatically raise your insurance:

- Sneezing when the moon is full
- Glancing at an insurance broker
- Morning toast falling butter side down
- Driving with no accidents, tickets, in a safe mini van, once a year, for 2 KM's BUT being a male
- Whenever (insert insurance company here) needs coffee money
- Today, Yesterday, and Tomorrow.

[macker]

Originally Posted by Doctordestiny

I already have my police report and they're getting theirs soon.



Already considered that. I've talked to them and we've agreed we'll go outside of insurance. I know the body shop owner and the other owner will take the vehicle in, get it repaired and I'll pay the bill. they aren't reporting this to their insurer and no money will exchange hands between us. Regarding injury, their vehicle was parked and unoccupied.

Thanks for all the useful responses. Keep the discussion up, as this is interesting and useful info.

Sounds like you did the smart thing! The police will not tell your insurance company or broker for the same reasons they won't tell your doctor if you are injured in the accident. It will not show up on your abstract as an abstract just details moving violations and not accidents or claims. Accidents or claims are found on an autoplus which is a seperate document that details all accidents and claims going back to when you first got your license. It will show at-fault accidents or claims and not at-fault accidents or claims including thefts and hail claims etc. As long as it is reported to your broker or company it will show up but only at-fault claims in the past six years will directly impact your rates. As for being cautious of bodily injury claims comming up down the road this is something to consider but if the damage is small the impact is likely very minimal and not many lawyers are going to line up to claim whiplash on a $2,000 fender bender and the cap is also a factor but you could get something drafted up if you were in a borderline situation just as it is good practice to have something drafted up to settle without going through insurance for the property damage.

[RW99]

Wow, sorry but there is just soo much false information in this thread (plus some correct information). But that's true of any insurance thread I've ever seen. I would suggest you get your advice from a broker, adjuster or anyone with their CIP.

The post above by macker though did well at summing things up